格隆汇9月17日丨亿纬锂能(300014.SZ)在互动平台表示，公司已在固态电池领域进行技术布局，并做了 相关产业规划。消费电池领域，目前公司凝胶态电池方案已用于雾化器产品，致力于实现"食品级安 全"。动力、储能电池领域，公司致力于实现电池能量密度、安全性和循环寿命的大幅提升，以推动电 动汽车、储能系统等领域的快速发展。公司计划于2026年实现全固态电池生产工艺的突破，推出一款高 功率、高环境耐受性及绝对安全的全固态电池，主要用于混合动力领域。于2028年推出400Wh/Kg的高 比能全固态电池。 2025年9月公司固态电池研究院成都量产基地正式揭牌，"龙泉二号"全固态电池成功 下线。成都基地总面积约11000平方米，全面投产后年产能近50万颗电芯。基地分两期建设，一期将于 2025年12月建成，具备60Ah电池制造能力；二期计划于2026年12月实现100MWh年产能交付。此次下 线的"龙泉二号"为10Ah全固态电池，能量密度高达300Wh/kg、体积能量密度为700Wh/L，主要面向人 形机器人、低空飞行器以及AI等高端装备应用领域。 ...

Group 1 - The core viewpoint of the articles highlights the recovery of the solid-state battery concept stocks in the A-share market, driven by strong demand for new energy vehicles and the effectiveness of the vehicle replacement policy [1] - In Q2 2025, wholesale sales of new energy passenger vehicles reached 3.63 million units, representing a year-on-year increase of 33.6% and a quarter-on-quarter increase of 25.2%, with a penetration rate exceeding 50% at 51.1% [1] - Recent government policies aim to promote supply-side reforms in the new energy sector, addressing issues of low-price competition and enhancing price maintenance measures [1] Group 2 - The solid-state battery technology is progressing steadily, with major automakers expected to implement solid-state battery solutions by 2026 and enter small-scale production by 2027 [1] - Key players like CATL, BYD, and Qingtao Energy have initiated pilot production lines, moving towards mass production in the hundred megawatt to gigawatt range [1] - The value proportion of mid-stage equipment in the production process has increased to 75%-80%, with new processes such as dry electrode and isostatic pressing becoming core growth areas [1] Group 3 - As of September 17, 2025, the Guozheng New Energy Vehicle Battery Index rose by 1.92%, with the leading battery ETF (159755) increasing by 1.75%, marking a three-day consecutive rise [2] - The top ten weighted stocks accounted for 65.1% of the index, with CATL rising by 6.48%, reaching a new high [2] - The battery ETF has seen continuous net inflows over the past 13 days, totaling 4.666 billion yuan [2] Group 4 - The battery ETF (159755) closely tracks the Guozheng New Energy Vehicle Battery Index, focusing on the new energy vehicle battery industry chain, including battery manufacturing, materials, management systems, and charging stations [4] - The storage battery ETF (Guangfa 159305) tracks the Guozheng New Energy Battery Index, covering the new energy storage battery theme, selecting 50 stocks with large market capitalization and good liquidity [4] Group 5 - The demand for new energy vehicles and energy storage is steadily growing, with the lithium battery sector experiencing price stabilization and production expansion slowing down [3] - The industry's profitability is showing signs of stabilization and upward elasticity due to cost reduction and efficiency improvement measures, along with the arrival of the traditional peak season in the second half of the year [3]

Q1：目前半固态电池是否已经开始量产 ，以及全固态电池的进展如何 ？ A1：目前半固态电池已经开始逐步量产，应用于新能源车、消费类电池及低空飞行等领域。而全固态电池还处于发展阶段， 头部企业正在建设百兆瓦时的生产 线， 主要以氧化物为主导，硫化物全固态电池目前尚未真正实现装机，仅有小容量实验产品。 Q2：半固态电池能否解决液态锂电池电芯燃烧问题 ，以及其是否为过渡产品？半固态电池未来 在电池厂中的定位以及硫化物与氧化物在固态 电池中的竞争情 况 ？ A2：半固态电池并非绝对安全，仍包含一定比例的液态电解质，存在失控风险。但相比液态电池， 其失控几率较小。半固态电池可能是过渡产品，在全固态电 池成熟前承担一定的市场角色，但真正 实现大规模替代现有电池的可能性不大。在未来5到8年内， 半固态电池可能更多作为过渡产品存在， 其市场份额较低。 至于固态电池最终解决方案采用硫化物还是氧化物， 目前行业内尚未形成明确共识， 有待进一步的技术突破和验证。 Q3：在全固态电池技术未完全成熟前 ，半固态电池与传统三元锂电之间的关系及市场结构占比 如何 ？ A3：在全固态电池技术成熟之前， 半固态电池将作为过渡产品存在， 与传统 ...

亿纬锂能9月17日在互动平台表示，公司已在固态电池领域进行技术布局，并做了相关产业规划。消费 电池领域，目前公司凝胶态电池方案已用于雾化器产品，致力于实现"食品级安全"。动力、储能电池领 域，公司致力于实现电池能量密度、安全性和循环寿命的大幅提升，以推动电动汽车、储能系统等领域 的快速发展。公司计划于2026年实现全固态电池生产工艺的突破，推出一款高功率、高环境耐受性及绝 对安全的全固态电池，主要用于混合动力领域。于2028年推出400Wh/Kg的高比能全固态电池。 2025年 9月公司固态电池研究院成都量产基地正式揭牌，"龙泉二号"全固态电池成功下线。成都基地总面积约 11000平方米，全面投产后年产能近50万颗电芯。基地分两期建设，一期将于2025年12月建成，具备 60Ah电池制造能力；二期计划于2026年12月实现100MWh年产能交付。此次下线的"龙泉二号"为10Ah 全固态电池，能量密度高达300Wh/kg、体积能量密度为700Wh/L，主要面向人形机器人、低空飞行器 以及AI等高端装备应用领域。 ...

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is gaining significant attention at the national level, with the government actively promoting its development through special funding and standard-setting initiatives [1][2] - The China Automotive Engineering Society has initiated the formulation of relevant standards for solid-state batteries, with a special fund of 6 billion yuan released last year and ongoing mid-term inspections this year [1][2] Key Developments - Leading companies like CATL have completed pilot line integration and are preparing to bid for 20 Wh-level production lines, indicating a shift from pilot testing to small-scale production [2] - Secondary manufacturers such as Haopeng and XWANDA are also actively following suit, suggesting a broadening of the industry beyond just leading firms [2] Future Milestones - Key milestones for solid-state battery development include design finalization in 2028 and large-scale production starting in 2030 [1][4] - By 2026, automotive-grade cell samples are expected to be produced, with preliminary orders for upstream raw materials [4] - The year 2027 will focus on data acquisition and optimization, leading to the design finalization of the first-generation products in 2028 [4] Investment Focus - Currently, the equipment segment is the most direct beneficiary, but from 2026 onwards, attention should shift to the materials segment, particularly high-end auxiliary materials such as lithium sulfide and sulfide electrolytes [5] - Lithium sulfide, as a precursor material, accounts for over 80% of production costs, making it a critical bottleneck for cost reduction and industrialization [5] Challenges in Commercialization - The commercialization of lithium sulfide faces several challenges, including low purity, large particle size, high cost, and sensitivity to moisture [6][7] - High production equipment requirements and development difficulties are also significant hurdles [6] Core Barriers and Opportunities - The core barriers in the battery industry include the diversity of technical processes and the advantages of traditional manufacturers in customer channels and scalability [8] - Despite the lack of a single dominant process, this diversity presents opportunities for both traditional and emerging players, especially resource-based companies [8] Advantages of Resource-Based Enterprises - Resource-based companies like Tianqi, Yahua, and Ganfeng have inherent advantages due to their upstream lithium or sulfur resources [9] - For instance, Tianqi plans to start construction on a nearly 50-ton lithium sulfide pilot production line by the end of 2025 [9] Characteristics of New Entrants - New entrants in the solid-state battery sector typically focus on a single technical route and achieve core breakthroughs and patents [10] - An example is Guocer Materials, which is developing both liquid-phase and solid-phase processes and plans to establish a nearly 100-ton production line by 2025 [10] Enhancements in Sulfide Performance - Sulfides, while having excellent properties, face issues such as moisture sensitivity and poor compatibility with high-voltage cathodes [11] - MOF (Metal-Organic Framework) materials show potential in addressing these issues by enhancing mechanical strength and suppressing ion penetration [11][12] Investment Trends - The solid-state battery industry is on a clear upward trajectory, with increased national attention and ongoing policy and financial support [13] - Investment should focus on high-barrier segments like sulfides and lithium sulfide, as well as companies with deep technical expertise in specific areas [13]

Group 1 - The company is closely monitoring advancements in solid-state battery technology and plans to develop related products based on its actual situation [1] - The company has a wide range of products, but the sales scale of isopropanol zirconium products is small, having minimal impact on revenue and net profit [1] - The company will actively promote its products, but acknowledges potential risks related to market conditions, technological iterations, and product competitiveness that may affect promotional outcomes [1]

Group 1: Yancoal Energy - Yancoal Energy announced the termination of the acquisition of Highland Resources due to unmet conditions in the implementation and subscription agreements [1] - The decision to terminate the agreement was made after careful consideration, ensuring the maximization of company interests [1] - Yancoal Energy confirmed that the termination will not affect its existing operations or future development, and it will continue to advance its potash mining project in Canada [1] Group 2: ST Lingda - ST Lingda received a regulatory attention letter from the Dalian Regulatory Bureau of the China Securities Regulatory Commission, highlighting insufficient impairment provisions for the Jinzhai Jiayue Phase I project [2] - The letter pointed out issues such as the omission of impairment provisions for general equipment and discrepancies in the economic depreciation data in the assessment report [2] - The company was also criticized for inadequate execution of internal control systems, including incomplete approval processes, non-compliant salary payments, and incomplete insider information registration [2] Group 3: Solid-State Batteries - Xu Yanhua emphasized the critical role of power battery technology in the development of new energy vehicles during the 21st China Automotive Industry Development Forum [3] - Solid-state batteries are becoming the main focus in the post-lithium battery era due to their higher safety, energy density, and longer cycle life [3] - The trend towards solid-state battery technology indicates a forthcoming technological revolution in the new energy vehicle industry, presenting new growth opportunities for the market [3]

Report Industry Investment Rating - The report recommends a long position for macro and financial index futures (IF, IC, IM, IH) [1] Core Viewpoints - The A-share market is in a "double bottom area" in terms of fundamentals and capital inflows, with improving conditions. The transformation from a structural bull market to a full-fledged bull market hinges on anti-involution. The market is expected to continue grinding at the bottom or improve [1] - The continuous inflow of foreign capital into the Chinese mainland stock market, the significant increase in the OCI assets of major insurance companies, and the potential Fed rate cuts are expected to drive overseas funds into the A-share market. The battery sector has led the ChiNext Index to a new high and also influenced the CSI 300 Index [1][2] Summary by Related Catalogs Market Review - On Monday, the major indices in the two markets showed strong oscillations. The ChiNext Index continued to rise and reached a new high. The total trading volume in the two markets was 2.27 trillion yuan, showing a shrinking trend during the oscillations. The CSI 300 Index closed at 4,533 points, up 11 points or 0.24%; the CSI 500 Index closed at 7,137 points, down 10 points or -0.15%; the CSI 1000 Index closed at 7,415 points, down 7 points or -0.10%; the SSE 50 Index closed at 2,962 points, down 5 points or -0.20% [1] - Among industry and theme ETFs, those with the highest gains were the Gaming ETF, Film and Television ETF, Intelligent Electric Vehicle ETF, Lithium Battery ETF, and Automobile ETF, while those with the highest losses were the Communication ETF, 5G50 ETF, and Telecom ETF Fund. Among the sector indices in the two markets, the Battery, Gaming, Film and Television Theatres, Pork, and Commercial Vehicle indices had the highest gains, while the Aerospace Equipment, Rare Metals, Communication Equipment, Components, and Military Electronics indices had the highest losses [1] - The settlement funds of stock index futures for the CSI 500, CSI 1000, CSI 300, and SSE 50 indices had net outflows of 6.7 billion yuan, 6 billion yuan, 3.5 billion yuan, and 300 million yuan respectively [1] Important Information - In August, the added value of industrial enterprises above designated size increased by 5.2% year-on-year. On a month-on-month basis, it increased by 0.37%. Among the 41 major industries, 31 saw year-on-year growth in added value [1] - In August, the total retail sales of consumer goods reached 3,966.8 billion yuan, a year-on-year increase of 3.4% and a month-on-month increase of 0.17%. Excluding automobile sales, the retail sales of consumer goods were 3,557.5 billion yuan, a 3.7% increase [1] - Shenwan Hongyuan believes that technological industry trends such as AI computing power continue to catalyze, driving a structural market. The core judgment is that the fundamentals and capital inflows of the A-share market are both in the "double bottom area", with only two possibilities in the future: "continuing to grind at the bottom" and "improvement", and the improvement conditions are constantly optimizing. Anti-involution will be the key to the transformation from a structural bull market to a full-fledged bull market [1] - As of the end of June 2025, the total OCI asset scale held by the five major listed insurance companies reached approximately 1.1 trillion yuan, a record high. The growth rate of insurance funds' OCI assets in the first half of the year exceeded 35% [1][2] - Morgan Stanley released a report stating that as CATL makes breakthroughs in the European market and with the current popular solid-state battery technology, CATL's leading position will be maintained, and its valuation has significant attractiveness among its peers, making it the "cheapest in the industry" [1] - As of the end of August, the national commercial housing inventory was 761.69 million square meters, a decrease of 3.17 million square meters from the end of July. Among them, the residential inventory decreased by 3.07 million square meters, and the commercial housing inventory has decreased for six consecutive months [1] - Recently, funds have been increasing their layout in the chemical sector through ETFs. According to Wind data, as of September 11, the Peng Hua CSI Sub - Chemical Industry Theme ETF had the highest net inflow of funds in the past month among all stock - type ETFs in the market [2] - Data released by TrendForce Jibang Consulting shows that the prices in multiple upstream and mid - stream sectors of the photovoltaic industry have risen significantly recently. Analysts believe that the "anti - involution" in the photovoltaic industry has achieved initial results, and the prices of multiple links in the industrial chain are expected to maintain an upward trend [2] - Goldman Sachs maintains its target price forecast of $4,000 per ounce for gold in mid - 2026, believing that central bank gold purchase demand is expected to continue for three years, and the gold allocation ratio of emerging market central banks is still significantly low. A survey by the World Gold Council shows that 95% of central banks expect the global gold holdings to increase in the next 12 months [2] - US President Trump said that he expects the Federal Reserve to announce "substantial interest rate cuts" at this week's meeting. If true, this will be the Fed's first interest rate cut since December last year [2] Market Logic - On Monday, the major indices in the two markets showed strong oscillations, and the ChiNext Index continued to rise and reached a new high. The OCI assets in the accounting accounts of insurance companies are destined to affect the A - share market for many years. As of the end of June 2025, the total OCI asset scale held by the five major listed insurance companies reached approximately 1.1 trillion yuan, a record high. The growth rate of insurance funds' OCI assets in the first half of the year exceeded 35% [1][2] - The latest report from the Institute of International Finance (IIF) shows that in August, there was a net inflow of $39 billion into Chinese bonds and stocks. The momentum of foreign capital allocating to the Chinese mainland stock market has increased. According to EPFR data for the first week of September, foreign capital had a net inflow of $5.02 billion into Chinese mainland market stock funds [2] Future Market Outlook - On Monday, the major indices in the two markets showed strong oscillations, and the ChiNext Index continued to rise and reached a new high. The latest report from the IIF shows that in August, there was a net inflow of $39 billion into Chinese bonds and stocks. As of September 8, the margin trading balance was 2.2975 trillion yuan, with a daily increase of approximately 26.2 billion yuan. The total scale of domestic ETFs has historically exceeded the 5 - trillion - yuan mark, and ETFs have profoundly reshaped the A - share ecosystem. When residents' investment shifts from "speculating in individual stocks" to "allocating to indices", a new investment era defined by ETFs has arrived [2] - As of the end of June 2025, the total OCI asset scale held by the five major listed insurance companies reached approximately 1.1 trillion yuan, a record high. The growth rate of insurance funds' OCI assets in the first half of the year exceeded 35%. The global re - allocation of financial assets to "de - Americanize" is expected to accelerate the inflow of international funds into the A - share market. According to EPFR data for the first week of September, foreign capital had a net inflow of approximately $5.5 billion into the Chinese mainland market, of which the net inflow into stock funds was $5.02 billion. Citigroup expects the Federal Reserve to cut interest rates by a cumulative 125 basis points in the next five FOMC meetings. A storage plan has been released, and the storage installed capacity will double in three years. The battery sector has led the ChiNext Index to a new high and also influenced the CSI 300 Index. With the imminent Fed rate cuts, overseas funds will flow into the A - share market at an accelerated pace [2] Trading Strategies - Stock index futures directional trading: The battery sector has led the ChiNext Index to a new high and also influenced the CSI 300 Index. With the imminent Fed rate cuts, overseas funds will flow into the A - share market at an accelerated pace. Maintain a bullish view on stock indices [2] - Stock index options trading: The major indices are expected to continue to move upward. Seize the opportunity to buy out - of - the - money long - term call options on stock indices [2]

Summary of the Conference Call Industry Overview - The lithium battery equipment sector has reached a bottom and is rebounding, driven by overseas demand, energy storage needs, and cyclical factors, with expected growth continuing into the future [2][10] - The global lithium battery equipment market is projected to have a compound annual growth rate (CAGR) of approximately 23% from 2024 to 2026, maintaining a high growth rate due to increased electric vehicle penetration, manufacturer expansions, vehicle manufacturer transformations, and the entry of new battery players [2][10] Key Points on Solid-State Battery Technology - Solid-state battery technology is seen as the future trend in the industry, offering advantages in safety, energy density, and cost-effectiveness, currently on the verge of large-scale commercialization [2][6] - The sulfide technology route is the mainstream, with expectations for industrialization around 2027, crucial for low-altitude economy and humanoid robots [2][6][11] - Solid-state batteries represent the most valuable segment in the lithium battery equipment sector, with small-scale production expected by 2027 and pilot lines being established between late 2025 and 2026 [2][11] Company Performance: XianDao Intelligent - XianDao Intelligent is the largest lithium battery equipment manufacturer in China, with a significant market share and a substantial increase in traditional lithium battery equipment orders [2][4] - The company is expected to see new order growth of approximately 40-50% in 2025 and around 30% in 2026, with revenue projections of 14 billion yuan in 2025, 17.2 billion yuan in 2026, and close to 20 billion yuan in 2027 [4][18] - XianDao's market share is expected to be higher in the solid-state era compared to the liquid-state era, with the company being the only one capable of providing a complete production line with 100% proprietary technology [4][13] Financial Projections and Valuation - The company's stock price has returned to 2020 levels and is challenging 2021 highs, with potential for historical market capitalization if traditional and solid-state battery orders continue to grow [7][19] - Current market valuation is considered high, but the company's platform strategy and solid-state battery industry advantages suggest that the stock has room for growth [19] - Comparatively, XianDao's market capitalization is about 800 billion yuan, significantly lower than CATL's 1.6 trillion yuan, indicating potential for valuation increases as solid-state battery business develops [7][19] Recommendations for Investors - Investors are encouraged to focus on leading companies with strong production capabilities, particularly XianDao Intelligent, which is expected to have a higher market share in the solid-state era due to its technological advantages [14][20] - The solid-state battery market is projected to grow significantly, with estimates suggesting a market size of 33 billion yuan by 2030, indicating high growth potential [14] Additional Insights - XianDao has diversified into other sectors, including photovoltaic equipment, smart logistics, and 3C smart devices, with significant contributions from the first three sectors [16][17] - The company maintains a strong focus on R&D, with R&D expenses as a percentage of revenue being among the highest in the industry, despite some short-term profitability challenges due to large impairment provisions [15]

> 今年以来，"宁王"涨幅已接近40%。这反映了市场对公司未来增长潜力的强烈信心。消息面上，有券商 研究指出，宁德时代对2026年的要货指引上修至1100GWh，同比增长46%。 新华财经北京9月15日电（胡晨曦） 9月15日，宁德时代A股盘中一度大涨超14%，至收盘时涨9.14%， 再创新高；H股盘中大涨近9%，同样刷新纪录。电池板块因此大幅拉升，板块涨幅一度超5%，中一科 技涨停，天宏锂电、湖南裕能等涨超10%。 消息面上，宁德对供应商2026年排产指引上修至1100GWh，同比增长46%，大超市场预期。业内人士指 出，这强化了市场对未来需求的乐观预期。 供应商：排产指引高增长 产品确实供不应求 据媒体报道，一家宁德时代供应商表示，宁德时代对供应商2026年排产指引的确出现高增长。实际上不 仅是对明年，今年的需求已经大幅提升。另一家宁德时代供应商同样表示，公司目前的产品确实供不应 求，扩产需看实际情况安排。 实际上，宁德时代也是今年锂电行业扩产最迅猛的几家企业之一。根据财报，宁德时代2025年上半年超 级在建工程总投资预算首次突破4000亿元，较2024年末增长21.40%。此外，宁德时代订单需求持续增 ...